In Pursuit of Profit

Which Type of Business Entity is Best for a New Business?

11/29/2018

During the formation process, founders have an important question to answer – which business entity is best for my business?

Deciding among available business types is a decision that should not be rushed or approached casually.

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New Business Startup Formation Checklist

11/21/2018

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New Business Startup Formation Checklist

Starting a new business is one-part passion and two-parts paperwork.

Entrepreneurs can quickly get overwhelmed by the vast federal, state, and local requirements in place to regulate the formation of new businesses. Furthermore, focusing on requisite steps can distract new business owners from asking astute questions and doing critical market research to hone their business ideas.

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8 Types of Internal Control Accounting Systems

11/5/2018

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8 Types of Internal Control Accounting Systems

Business leaders understand it is essential to have accurate financial data to drive operations and measure success. However, without the proper controls in place errors, fraud, and other issues can occur, hindering operational efficiency and growth. While some small business owners assume internal control systems are only designed for larger organizations, these functions are crucial for companies of all sizes in all industries.

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6 Essential Steps to Create a Company Budget

10/24/2018

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Budgeting is considered a necessary evil in many organizations.

Business owners and executive leadership understand the value of establishing and maintaining a financial plan to guide business operations.

However, they often feel constricted by these plans as well. Finding the balance between protecting funds earmarked for key functions and restricting opportunistic purchases is always a challenge.

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What Type of Business Intelligence Support Should be Expected from Accountants?

10/16/2018

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What Type of Business Intelligence Support Should be Expected from Accountants

Most business owners and leaders have been a part of the growing conversation around expanding business intelligence (BI) capabilities. They understand that their businesses possess a gold mine of data that can be tapped into using BI methods to increase production efficiency, sell to consumers more effectively, capitalize on market opportunities, improve product outputs, and sustain growth.

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Overcoming Budgeting Problems to Improve Strategic Budget Management

9/26/2018

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In most organizations budgeting is an exhausting process. Ensuring the right people are included, timely and thorough budget requests are submitted, and strategic planning drives the entire process is time-consuming and expensive. In fact, the Ford Motor Company estimated that budgeting and planning costs about $1.2 million annually.

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Closing the Books for Businesses That Are No Longer Operating

8/28/2018

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Closing the Books for Businesses That Are No Longer Operating

When preparing for business operations to cease, there are numerous factors to consider, including closing the books. Ensuring the final close is done accurately is crucial for protecting financial interests and complying with business regulations.

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What do you Need to Reconcile a Bank Statement?

8/8/2018

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At its most basic level, a bank reconciliation only requires two items – what is being reconciled and what it is being reconciled against.

Since bank reconciliations are account-specific, this requires obtaining current records of cash totals that should be present for a single account only.

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